Dallas, Texas 08/14/2013 (Financialstrend) – Aastrom Biosciences Inc (NASDAQ:ASTM) announced on Tuesday that the company had fixed up the prices for the public offering of its common stock that was reported earlier. The prices for the 29 million shares of common stock had been fixed up at $0.30 per share. This further includes warrants to purchase around 29 million shares of common stock, the exercise price of which is fixed up at $0.37 per share. The warrants for the purchase of common stock are available for immediate exercise and would expire after five years from their date of issuance.
It is expected that Aastrom Biosciences Inc will receive gross proceeds of around $8.7 million from this offering before making the deductions for the commissions, underwriting discounts and other offering expenses that are to be estimated. The company had announced that the net proceeds from this public offering of common stock and warrants would be used for conducting the clinical development programs which would include the clinical trials of Phase 2b ixCell DCM development. Further the net proceeds would also be used for meeting out the working capital requirements and for other general corporate purposes.
Aastrom Biosciences Inc traded in the markets on Tuesday to close at $0.30 per share, which was reported to be a loss of 43.39% over the previous close. The stock traded during the day with price movements ranging from low price of $0.27 to high price of $0.31 per share. The company had recorded the lowest price at $0.27 and the highest price at $1.85 per share for the past 52 weeks of trading. On Tuesday, the trading volume of the stock was reported to be at 19.81 million shares, while the average level of trading volume in the past 30 days had been recorded as 938,482 shares per day.